Mortgage Refinance Boom! Is 2003 Here Again?

Recordings of mortgage deeds confirm a steady month over month rise in the number of refinance mortgage originations during 2009. With fixed mortgage rates falling below 5 percent, interest rates are below the rates of the 2003 refi boom. We do not expect mortgage originations in this current refi boom to approach the levels seen in 2003. During 2003 the refinances included large equity extractions. This time around, most mortgage refinances are used to replace existing mortgage debt at lower cost. Less "cash out" refinancing is taking place as compared with 2003. In other words. these refinances are real mortgage refinances. Homeowners who refinance are improving their cash flow and their net worth.

Using recordings of mortgage deeds of trust at county court houses, MortgageDataWeb ranked the top conventional refinance mortgage lenders and the top FHAVA (Government Insured) mortgage refinance lenders based upon data collected through July for 2009.